Freestone Real Estate

¹As of 6/30/2025. Net asset value (“NAV”) represents the fair value of the Fund’s assets minus its liabilities, determined in accordance with the Fund’s valuation policy. Because most real estate assets are valued using appraisals or other estimates rather than actual sale prices, these values involve significant judgment and may differ materially from the amounts ultimately realized. Any inaccuracies in the assumptions underlying NAV may cause reported returns to differ from actual results. NAV generally is reported for the fund in aggregate, which includes affiliate capital as well as General Partner accrued and unpaid incentive allocations, if any.

The distribution rate reflects the actual cash and noncash distributions paid to non-affiliate investors during the relevant period, annualized, and divided by the beginning-of-period net asset value for these investors in aggregate. This distribution rate accounts for all fees and expenses. Distributions are not guaranteed and may be paid without limit from sources other than cash flow from operations, including borrowings, sale of assets, repayments of real estate debt, return of capital, proceeds from offerings, or fee and expense deferrals or advances.

Net returns are calculated by dividing net income by beginning-of-period capital account balances for the fund’s non-affiliate investors in aggregate. Net returns include all fees and expenses and are based on estimated information that has not been audited. Past performance does not predict future returns. Additional information about net income (loss) as calculated under GAAP is included in the fund’s annual financial statements.